OMV, ADNOC to explore eastern Abu Dhabi
VIENNA -- OMV AG said its subsidiary OMV East Abu Dhabi Exploration and ADNOC, had signed an exploration agreement to pursue exploration for oil and gas in the Eastern region of Abu Dhabi.
OMV and ADNOC will conduct an exploration program consisting of seismic acquisition and the drilling of exploration wells and if successful, the two companies intend to jointly develop the potential discoveries in accordance with Abu Dhabi laws. The exploration activity agreement has duration of four years.
This exploration undertaking is a strategic supplement to OMV' s participation in the Shuwaihat field appraisal project which was signed in 2012, OMV said. OMV' s Chief Executive Officer Gerhard Roiss said, "With this step OMV is on the way to foster its upstream position in the Middle East. Above this we are broadening the cooperation with Abu Dhabi beyond the field of petrochemicals."
Dow Jones Newswires